Cardano Active Addresses Surge to One-Year High
Cardano, despite lagging behind other cryptocurrencies in terms of price action, is showing promising signs of growth and adoption. On-chain data reveals a significant spike in active addresses on the Cardano network, reaching its highest level in the past year.
Key Points:
- Cardano’s active address count hits a one-year high, reaching 596,915 on March 11.
- This number almost doubles the lowest monthly active addresses recorded in September 2023.
- Active addresses are a crucial metric for measuring cryptocurrency adoption.
- The surge in active addresses suggests increased activity and transaction volume on the Cardano network.
The recent data from Danogo shows that Cardano’s monthly active addresses began to spike at the end of February after experiencing a decline in January. Additionally, Cardano Blockchain Insights data confirms increased activity, with active daily addresses consistently above 50,000 since February 29. In the past 24 hours alone, there were 66,970 active addresses.
Further analysis from IntoTheBlock reveals increased activity from Cardano whales. The number of whale transactions (transactions exceeding $100,000) reached 6,810 in the past 24 hours, totaling $73.86 billion over the past seven days. For comparison, Ethereum’s large transactions stood at $63.17 billion during the same period.
Whales also demonstrate strong accumulation behavior as evidenced by a spike of approximately 60 million ADA in the top 1% supply on March 10.
Potential for ADA to Reclaim $1
ADA has experienced significant growth since its low point of $0.24 in terms of monthly active addresses in September. Currently trading at $0.79, ADA has risen by 42% in the past 30 days.
Although ADA has been rejected at the $0.8 price level twice this month, it appears to be on track for another attempt. Breaking through this level could pave the way for ADA to reach $1 for the first time since April 2022. Overall, the crypto market remains bullish, which may contribute to ADA’s potential surge above $1 this month.
Hot Take: Cardano’s Growing Network Adoption
Cardano is demonstrating significant growth in network adoption as evidenced by the surge in active addresses on its blockchain. This increase suggests a positive outlook for Cardano’s future performance and highlights its potential to compete with other cryptocurrencies in terms of adoption and transaction volume.
Key Takeaways:
- Cardano’s active address count reaches its highest level in a year, indicating increased network adoption.
- The surge in active addresses reflects heightened activity and transaction volume on the Cardano network.
- ADA’s price has more than tripled since its lowest point in September, currently trading at $0.79.
- If ADA breaks through the $0.8 resistance level, it could potentially reach $1 for the first time since April 2022.
As Cardano continues to make strides in its development and adoption efforts, investors and enthusiasts can look forward to further growth and potential price appreciation in the coming months.
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